Here are the news articles you might find interesting today for commercial real estate and business:
Monolith Group sells Storage Facility in Mesa, AZ for $8,643,000 Tony Ardizzone of Monolith Group recently sold Storage Zone located at 9363 E Southern Avenue, Mesa, AZ, a storage facility to Extra Space Storage REIT for $8,643,000.00. The project was 90% occupied at time of sale (12/28/2012). It was 103,000 SF on 5 acres. View article…
CRA Ends Short Hold on The Canyons Close to 2.5 years after buying the 629-unit Canyons from special servicer LNR Property, Continental Realty Advisors (CRA) sold the class A multifamily property to Alliance Residential for $50 million, or $80,000 per unit. The Denver-based CRA’s hold period saw capital expenditures of $1.3 million and an occupancy increase from 63% in 2010 to 94% at the time of closing. View article…
GEICO Regional HQ Has New Owner The regional headquarters facility of the company best known for having a computer-animated gecko as its representative has a new owner. West Coast Capital Partners of Torrance, CA, sold the 129,117-square-foot GEICO Insurance office campus to H.N. and Francis C. Berger Foundation of Palm Desert, CA for $17.8 million. View article…
HTA Pays $295M for MOBs in 2012 Healthcare Trust of America Inc.’s (HTA) late December acquisition of the 52,400-square-foot Dallas Long Term Acute Care Hospital (LTAC), on which it closed in late December for $27.3 million, brings the total invested by the REIT in 2012 to $295 million. The acquisitions totaled 1.3 million square feet and consisted of on-campus or affiliated medical office buildings that were acquired directly from local developers or health care systems. View article…
Iconic Greer resort announces closure An iconic resort in the mountains of eastern Arizona has announced its permanent closing, more than a year and a half after a devastating fire. The Greer Lodge Resort & Cabins has closed immediately, said owner Doug Sandahl in an e-mail message distributed to friends. In a later interview, Sandahl also described the stress of trying to rebuild the old lodge to conform with modern building codes, while also working with his insurance company and the bank holding a mortgage on the property. View article…
Downtown advocates weighing in on proposed Phoenix Observation Tower Downtown advocates are initially positive toward new plans for a 39-story pinwheel shaped observation tower proposed to be built next to the Arizona Science Center. Developer Novawest LLC and Danish architecture firm Bjark Ingels Group (BIG) unveiled plans for the 420-foot Phoenix Observation Tower just before Christmas. View article…
Demographics and Real Estate Demand Demography is a critical driver of real estate demand. Population growth in the world rapidly accelerated in the 20th century and is still increasing. While the growth may be leveling off in some industrialized countries, it is still robust in most countries. Increased population requires more housing, shopping, places to work (which includes both factories and office buildings) and more hotels for travel and recreation. View article…